US Penny Support Remains Strong Despite Canada's Decision to End Penny Distribution Significant Differences Exist in the United States

 

Canada's decision to cease distributing pennies on February 5 doesn't portend the end of the cent in America. There are several reasons why the US won't follow Canada‚Äôs example any time soon. 

Mark Weller, Executive Director of Americans for Common Cents, cited three reasons why Canada's decision to stop producing the penny is different from the penny in the US.
 
First, the Canadian Finance Minister acted to stop penny production by executive fiat. Such an action made unilaterally in the U.S. without Congressional direction would likely meet widespread opposition, Weller said.
 
Also, unlike Canada, there is still widespread support for the penny in the US. Over two-thirds of the public want to keep the penny according to a March 2012 Opinion Research Corporation poll commissioned by ACC.
 
Apart from process differences and public support, the financial impact from estimated savings in Canada is different than in the US. Canada has estimated savings of $11 million per year through penny elimination. In contrast, Navigant Consulting has found that elimination of the US penny would actually cost $10.9 million. Their February 2012 study noted that Mint fabrication and distribution costs include fixed components that will continue to be incurred if the Mint eliminates the penny. Also, under current Mint accounting, the nickel costs eleven cents to manufacture. "It's hard to see how you save money by making more nickels that are losing more money," Weller added.
 
Canada originally planned to end penny production in the fall of 2012 but delayed the decision due to protests from businesses. Retailers did not want to implement a confusing scheme of rounding transactions to the nickel over the holiday shopping season. Americans are concerned about rounding as well. Weller said, "the public hates the idea of rounding to the nickel, which is the alternative to the penny." Over 77 percent think merchants will raise prices to compensate for loses due to rounding according to a Gallup survey.

 

President's Day - A Time to Celebrate Abraham Lincoln and Cheaper Pennies

President's Day gives us the chance - at least once a year - to recognize Abraham Lincoln's immense contributions to the country and a legacy that continues to enrich us daily.


President Lincoln is a unique cultural and historical figure," said Mark Weller, Executive Director of Americans for Common Cents. "It's not just that the front of the penny has had Lincoln's image since 1909, it's what Lincoln did for our nation," Weller added "He possessed all the qualities we want in a president -- the ability to unite a divided nation, honesty, strength, and humility," Weller concluded.


For the full press release, please click here

 

Special Announcement!

Pennies for Pasta and Pennies for Patients

These are run by The Leukemia and Lymphoma Society through its local chapters as part of its renamed Student Series program:  www.studentseries.org

For more information, you should call your local Chapter which may be found by going to the Society's website at: www.lls.org

Please note Americans for Common Cents does not get actively engaged in any fundraising activities.

Collapse of the zinc market means the penny is cheaper to make; saves taxpayers!

A collapse in metals prices means U.S. coins, including the penny, are less expensive to make. The penny has reached its lowest cost in seven years. Each 1-cent coin, made almost entirely of zinc, now costs the taxpayer much less to produce and its likely to stay that way for the foreseeable future.

Click here to read more.

More than Two-Thirds of Americans Still Favor Keeping the Penny

Recent Poll Shows Increasing Penny Support and Concern About Price Increases If Penny Is Eliminated

WASHINGTON--(BUSINESS WIRE)--A poll released today by Americans for Common Cents (ACC) continues to show overwhelming and increasing support for the penny by the American public. 68% of those surveyed favor keeping the penny in circulation, representing a slight increase since the last poll in 2012.

"These results confirm the strong and unwavering support the penny continues to receive from Americans," said Mark Weller, Executive Director of ACC. Weller's group includes more than 50 organizations that support continued production of the penny.

For the full article, please click here

What Does it Really Cost to Make a Penny?

Recent reports about penny costs have led some to ask if the government would save money by eliminating production of the penny. So, are we better off financially without the penny? The answer is "no" according to a recent report by Navigant Consulting, Inc.

Navigant found the government would actually lose money without the penny. How? Click here to read more

WHAT DOES IT REALLY COST TO MAKE A PENNY?

 

Recent reports about penny costs have led some to ask if the government would save money by eliminating production of the penny. So, are we better off financially without the penny? The answer is "no" according to a recent report by Navigant Consulting, Inc.

 

Navigant found the government would actually lose money without the penny.  How? Click here to read more

Contact Us

Americans for Common Cents
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Penny News

  • A poll released today continues to show overwhelming and increasing support for the penny by the American public. 68% of those surveyed favor keeping the penny in circulation. "These results confirm the strong and unwavering support the penny continues to receive from Americans," said Mark Weller, Executive Director of ACC.

     
  • Does time spent at the cash register really "cost" the economy millions of dollars? Are retail workers actually paid according to their productivity? The answer to both questions is a resounding "No" according to Americans for Common Cents (ACC) Executive Director, Mark Weller.

    Read more...  

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Lincoln In His Own Words

Discourage litigation. Persuade your neighbors to compromise whenever you can. As a peacemaker the lawyer has superior opportunity of being a good man. There will still be business enough.
Abraham Lincoln

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